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President Park will donate part of her paycheck to job fund for young people

September 15, 2015

South Korean President Park Geun-hye (AP Photo/Ahn Young-joon)

By Kang Seung-woo

President Park Geun-hye said Tuesday that the government will create a special fund with the purpose of creating jobs for young people as part of measures to reform the labor market.

She even promised to donate part of her monthly paycheck to the fund, according to Cheong Wa Dae.

“Park proposed the idea during a Cabinet meeting to help the government successfully complete labor market reform,” said Ahn Jong-beom, senior presidential secretary for economic affairs, at a press briefing.

“She said she will be the first donor. We hope people from all walks of life, including prominent social leaders and businesspeople, will voluntarily donate money and join our efforts to provide jobs for young people.”

The details of the plan have yet to be revealed.

The proposal came two days after union, management and government representatives reached an agreement to revamp the labor market.

The Tripartite Commission officially passed the agreement, after the leaders of the Federation of Korea Trade Unions (FKTU) voted for the deal that includes easing layoffs and changing employment rules, Monday.

Park said the agreement would not necessarily mean easier layoffs, calling on companies to make efforts to create jobs and revitalize the economy.

The Park administration has called for labor market reform to create more jobs for young people and revive the sluggish economy, stressing that sustainable growth depends on tackling youth unemployment.

The nation’s unemployment rate for young people between the ages of 15 and 29 was 8 percent in August, down from 9.4 percent from July.